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Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement  
Schedule of stock-based compensation expense The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations (in thousands):

Three Months Ended

March 31, 

    

2024

    

2023

    

Research and development

$

235

$

83

General and administrative

 

390

 

83

$

625

$

166

Schedule of of stock options activity under the Plan

Weighted

Weighted

average

average

remaining

Aggregate

exercise

contractual

Intrinsic Value

    

Options

    

price

    

term (years)

    

(in thousands)

Outstanding as of December 31, 2023

 

1,683,156

$

3.38

 

Granted

 

886,776

 

8.17

 

 

Exercised

 

(409)

 

2.28

 

2

Forfeited/expired

(22,270)

14.91

Outstanding as of March 31, 2024

 

2,547,253

4.94

 

8.82

32,961

Exercisable as of March 31, 2024

 

564,452

2.60

 

7.96

8,616

Vested and expected to vest at March 31, 2024

 

2,547,253

$

4.94

 

8.82

$

32,961

Schedule of assumptions used in estimating the fair value of options

Three Months Ended

March 31, 

    

2024

    

2023

    

Risk-free interest rate

 

3.85% - 3.98%

3.45%

Expected term

 

5.5 - 6.1 years

 

6.1 years

Expected volatility

 

93.1% - 93.2%

91.1%

Expected dividend yield

 

 

Estimated fair value of the Company's common stock per share

$

5.85 - 6.04

 

$

2.79